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  "documentTitle": "eHealth Inc. (EHTH)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "presentationDate": "2020-04-08 00:00:00",
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  "notes": "The slide uses insider selling data to undermine the credibility of the company's leadership and business model.",
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      "text": "Net Value Monetized: $34,912,091",
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      "text": "It is telling that when Mr. Flanders, who had no prior operational experience in healthcare, accepted the CEO job, he brought in an equity analyst as his number two, soon thereafter making him the COO. We found no information to suggest that Dave Francis has an expertise in operating call centers, marketing to consumers, or U.S. government relations. As an equity analyst, however, he presumably knows how to “tell a story”. That story became “We’re the Expedia / Zillow of health insurance”, and when paired with an accounting standard that practically begs for aggressive assumptions and a growth at all costs approach, the stock has ripped on the back of fantasy revenue and earnings. Given that EHTH is already changing its model to ensure 2017 stays relevant, we wonder how long management can keep this charade up – particularly when consistently burning cash. Recent selling by insiders, especially Mr. Flanders (who sold 15% of his stake in January 2020 alone), makes that question all the more pressing.",
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      "text": "20 See EHTH 2017 Investor and Analyst Day.",
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      "text": "Share Sales at eHealth Since Late 2018",
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